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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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The Biden administration opened the week with a sweeping proposal aimed at making homeownership and renting more affordable and attainable by addressing the national housing shortage over the next five years.
The Housing Supply Action Plan tackles issues in the housing market in four broad categories:
Taken together, the administration expects these reforms will promote the construction of new homes in the next five years, chipping away a significant portion of the existing 1.5 million-unit housing shortage, which, in turn, should ease cost and inflation pressures.
Here’s an overview of what the plan hopes to achieve in each category.
The administration recognizes that exclusionary zoning is a big barrier to new development, and the first section of the plan looks at expanding new-construction possibilities.
A large portion of the proposals in this bucket include reforms that encourage transit-oriented development. New funding for such projects became available as part of the bipartisan infrastructure law, but the administration’s plan pushes that further: The Department of Transportation will increase its financial support for residential development near transit corridors.
This section also includes updated funding guidelines from other agencies, meant to encourage higher-density development.
Another big barrier to development, according to the Biden administration, is a lack of simple financing for new projects, particularly single-family and two- to four-unit properties and manufactured housing.
The new plan calls for streamlining existing federal programs to make it easier for developers to fund eligible projects and promote construction of more affordable housing. The plan also announces changes meant to encourage construction of both single- and multi-family homes in rural areas.
On the consumer side, the administration will expand eligibility for accessory dwelling unit (ADU) financing.
The plan also aims to boost rental affordability by financing more than 800,000 rental units for low-income tenants, and strengthening the Low-Income Housing Tax Credit.
In announcing the plan, the administration acknowledged that institutional investors have been on a property buying spree in recent years, accounting for more than 25 percent of all purchases in some months of last year.
For HUD-owned properties, the administration is focusing on selling to would-be owner-occupants or mission-driven nonprofits that encourage homeownership.
HUD is also expanding its plans for counseling new homeowners and updating technical assistance in a broad array of categories aimed at helping promote new homeownership.
During the coronavirus pandemic, supply chain issues led to a huge spike in the cost of construction materials, and the cost of labor also jumped as employees sought more flexible schedules and other changes.
The plan calls for new partnerships with private-sector companies to improve supply chain efficiency and promote new housing technologies including prefabricated homes, which will help encourage more new construction.
The administration will also take steps to promote the building trades as high-paying, skilled fields in an effort to bolster the workforce.
The housing shortage is an intractable issue that affects large swaths of the population and the economy. With the Housing Supply Action Plan, the Biden administration hopes to encourage new development across the country.
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